MIQ PR NEWS
Railway project results
Mirandor Exploration Inc MIQ
Shares issued 18,630,406 Dec 10 close $0.30
Fri 11 Dec 98 News Release
Also Kinross Gold Corp (K)
Mr. James Speros reports
Exploration Mirandor has received the following information from Kinross
Gold concerning the Railroad project in Nevada.
The drilling program continues at the Railroad project, where Kinross is
earning a 60 per cent joint venture interest in a large Carlin Trend land
position with Exploration Mirandor. Work to date has provided encouragement
at several near-surface targets. Stepout drilling in one area has cut
promising mineralization. A fence of three holes had the following
mineralized intersections:
Hole Thick- Depth Au
ness ft ft oz/t
K98-26 35 45 - 80 0.2374
K98-27 85 75- 160 0.0819
includes 20 0.227
K98-36 100 145-245 0.0392
includes 20 0.102
In the near vicinity drilling has also hit:
Hole Thick- Depth Au
ness ft ft oz/t
K98-18 30 15- 45 0.036
K98-30 80 90-170 0.046
K98-37 105 265-370 0.121
K98-49 70 855-925 0.110
K98-55 85 375-455 0.072
The geologic setting and host rocks are largely similar to those at the
nearby Rain deposit where Newmont produced more than one million ounces of
gold from an open pit and is currently developing an underground resource
for production
Holes 26, 27, 36 were drilled on section and was a stepout fence designed
to discover the possible continuation of the surface POO deposit (geologic
resources as at July 1997 of 1.4 million ton at 0.085 oz/ton gold), (D.
Gaudreault, July 1997). These stepout holes now further extend the known
strike length of the POO deposit to the east.
Holes 18, 37 and 55 were drilled in the vicinity, while hole No. 30 was
drilled approximately 1,400 feet east of the POO deposit.
Hole No. 49 is a new discovery hole and is approximately 2,900 feet south
southeast of the POO deposit towards the Bunker Hill zone which was
discovered in 1997 by Mirandor. Bunker Hill is feet southeast of hole 49.
Kinross and Mirandor have an agreement whereby Kinross can earn a 50 per
cent interest in the Railroad project by expending approximately
$10-million on an additional 10 per cent by expending a further
$7.5-million on a positive feasibility study.
The Railroad project, consisting of 55 square miles, is centred on the
southern end of the Carlin Trend and lies at the intersection of the NW-SE
Carlin Trend and the N-S Pinon anticline structure. It is within a Carlin
erosional "window" exposing at surface favourable lower plate sedimentary
rocks.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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